A lot of that rally had to do with the ISM (Institute for Supply Management) number, particularly the employment component, with people hoping that in turn, Friday's monthly report will show a higher number of payrolls than what people are expecting.
More Quotes from Art Hogan:
A handful of bad news for a rainy Monday. The escalation of violence in the Mid East is obviously a major issue.Art Hogan
Soothing words from the Federal Reserve Chairman perhaps brought the markets back off their lows, ... Greenspan's certainly not said anything that would hurt the markets.
Art Hogan
The market had a lot of bad news to tap dance around today, ... We had bad corporate news for some of the Dow stocks ... an FBI warning and geopolitical concerns with Iraq.
Art Hogan
The fourth quarter is when we'll see the impact of rising interest rates, higher energy prices, ... I would say eBay is the biggest piece of the problem this morning. It's a household name and it's adding to the sentiment we're not going to have the best of fourth quarters.
Art Hogan
If the high levels of employment aren't kept up with the high levels of productivity gains that we have been making, (the Fed) will probably need to do something pro-active and that would probably mean 25 basis points now and then something in the first quarter of next year.
Art Hogan
I think we're going through this natural vacuum in the news cycle where we have a quiet economic calendar and the fourth-quarter earnings reports are slowing down. It's difficult to generate any interest in the market.
Art Hogan
Readers Who Like This Quotation Also Like:
Based on Topics: People Quotes, Work & Career QuotesI am responsible only to God and history.
Francisco Franco
A just person is one who is conformed and transformed into justice.
Meister Eckhart
I would not attack the faith of a heathen without being sure I had a better one to put in its place.
Harriet Beecher Stowe